Tuesday, April 28, 2015

How to Know If You're Ready to Buy Your First Northern Virginia Home

With the rising costs of rent in Northern Virginia, it is no longer a smart financial decision for area residents. Mortgage rates are historically low, the market is beginning to heat up and homebuyers are noticing. 

 However, if this is your first time purchasing a home in NoVa, you need to be ready to assume the responsibility of homeownership. Here are four questions to ask yourself to determine if now is the right time for you to buy:

 Can you afford the costs?
Hopefully you have been saving for a downpayment and other costs over the past few years as homeownership comes with its fair share. You should have enough to cover 20% of the home's purchase price to secure the best mortgage rate and avoid private mortgage insurance (PMI). 

 It is also wise to be prepared to pay closing costs which can typically range from 2 to 5% of the home's purchase price.

 Can you afford the payment?
You may have found the perfect home in Arlington, Alexandria, Springfield, Reston or Centreville, but it's important to know if you can afford to take on the mortgage payment. Take the steps to get pre-approved with a lender to first see how much the bank will lend you. After, you can begin searching for homes in your appropriate price range. 

 Can you afford the upkeep?
When renting, you likely do not have the expense of maintaining the property. When you are a homeowner, repairs are all left up to you! Do you have enough funds to cover a broken faucet or appliance? Or are you willing to learn how to fix them yourself? These questions are crucial in your decision to buy a home.

 Do you have good credit?
If you have great credit, buying a home could be smooth sailing. If not, it's wise to begin grooming your credit report months before you meet with a lender. Any errors can put a hitch in your homebuying plan.

 I have decades of experience in real estate and am here to help Northern Virginia residents (and those relocating!) achieve their goal of becoming a homeowner. Contact me today with any questions about the real estate market or for a list of available homes.
I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna. 
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Tuesday, April 21, 2015

Home Seller's Guide to Staging Your Northern Virginia, DC Home

The Northern Virginia real estate market has seen homebuyer demand dramatically increasing over the past few months and it is set to continue on through the summer months. With that said, home sellers are in demand! Inventory is trending lower and buyers do not have many available properties to choose from.

 Listing your NoVa home during this homebuyer boom is a great idea, but of course, the property must be ready to show! Staging your home is the best way to do so and I am happy to share the following tips to start you off on the right foot:

 Don't use the old furniture
It's important to put yourself in the buyer's shoes when staging your home. Do not use old, outdated furniture that you might have stored in the basement or garage. A buyer could get the wrong impression of the home simply due to the pieces used in the spaces. Choose what shows off your home's best features and shows it in the best light!

 Don't opt for a busy or bold theme
Appealing to the majority of NoVa homebuyers is best done with neutral, muted tones. Anything harsh or busy can distract them from the home itself and make it more difficult to visualize their belongings in the rooms. Make sure the emphasis is on the home and not on the things placed inside.

 Don't clutter the home
Staging your property in Alexandria, Arlington, Fairfax City, Falls Church or McLean may require you to bring in furniture and accessorize— but not to the point of cluttering a room. Always do an edit before a showing and ensure the spaces are easily navigated. The last thing you want is for a buyer to cross your home off of their list due to too much furniture or knick-knacks clouding their view.

 Do be consistent
Make sure every room is part of the same story when staging your Northern Virginia home to sell. If a certain space is out of date or in need or repair, that can raise red flags to homebuyers and reflect badly on the rest of the home. Keep your rooms neutral, consistent, clear of clutter and comfortable.

 There is always a chance Northern Virginia and DC homebuyers will not fully appreciate your staging job, so do not hesitate to contact me with questions on how to impress them! When in doubt, ask your seasoned NoVa real estate expert!
I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna. 
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Tuesday, April 14, 2015

What Lenders Are Looking for in Northern Virginia Homebuyers This Spring

House hunting is indeed an exciting aspect of the spring real estate market— from browsing available properties online, visiting open houses and exploring desired neighborhoods in NoVa. However, that is just one small part of the homebuying process.

 In a previous blog post, I explained the importance of being prepared before you begin the house hunt this spring. It is wise to take the steps mentioned in the post and meet with a lender to get pre-approved. 

 If you have yet to meet with a Northern Virginia lender to learn if you're able to qualify for a mortgage, here are four things they will be looking for in potential buyers:

 1. Capacity
Lenders in NoVa and DC will want to know you have the ability to pay back the loan on a home. They will look at your income, your current employment and employment history, your monthly payments or debts (such as credit card payments) and your savings to decide if you can comfortably afford a mortgage every month.

 2. Credit
Your credit score, as you can imagine, plays a major part in deciding if you will be granted a mortgage loan. Lenders in Northern Virginia will look at how well you have done paying your bills on time, in addition to other debt payments. It is also recommended to try to improve your credit score before applying for a mortgage to increase your chances of being approved.

 3. Collateral
Lenders will look at the value of the home you intend to purchase in Northern Virginia when deciding if you qualify to take on a mortgage. 

 4. Capital
In order to determine whether to grant a homebuyer a loan, the lender will look over the money and savings you have on hand in accounts, plus any investments you have or other assets that may be sold for capital. They will want to see that you have at least two months of reserves to cover a mortgage payment and that you can manage your money well to pay back the debt of the loan.

 If you are ready to begin the homebuying process in the NoVa and DC area, I am happy to help! Contact me today to discuss what steps you should take first!
I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna. 
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Tuesday, April 7, 2015

Take a Staycation— Spring Break Activities Right Here in Northern Virginia

"Spring break" oftentimes means packing the car and heading off on a long distance road trip, but that doesn't have to be the case if you live in Northern Virginia! Our area is full of local fun and activities that don't require hours of travel time.

 Fairfax and Arlington County each offer great spring break getaways, no matter if you live in NoVa, are simply visiting or looking to call this your permanent home. Here are a few ideas to explore this spring:

 Be Historical
Northern Virginia is an area rich in history, so why not brush up on your knowledge this spring? Take a trip to Alexandria and Springfield— Tour Woodlawn Estate, which was designed by the architect of the first U.S. Capitol. It was also the home of Eleanor Custis and Lawrence Lewis, Martha Washington's granddaughter and George Washington's nephew. 

 George Washington's Mount Vernon is another place of historical beauty. Situated on the banks of the Potomac, it was the plantation home of our nation's first president. 

 Be Green
Hit the hiking and biking trails NoVa has to offer this month or spend some time in one of the beautiful local parks. Mason District Park in Annandale offers a large natural area, playground, tennis courts and playing fields. While in Annandale, you can also visit Hidden Oaks Nature Preserve set within the 52 acre Annandale Community Park.

 In nearby Burke, Centreville and Clifton, you'll find many beautiful outdoor attractions like Burke Lake, Hemlock Overlook Regional Park, Cox Farms and Bull Run Regional Park.

 Be Spoiled
Northern Virginia is also home to some of the best shopping in the area. If retail therapy is on your spring break to-do list, head to Tysons Galleria or Tysons Corner Center in McLean or the shops at Fairfax Square in Vienna.

 As a resident of Northern Virginia, I know how nice it is to call this area home. Contact me today for more information on purchasing a home in one of these great communities!
I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna. 
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